"A STUDY OF EMPLOYEE SATISFACTION”

OF

HDFC STANDARD LIFE INSURANCE

A STUDY CONDUCTED IN HDFC STANDARD LIFE INSURANCE

SUBMITTED BY:

VARUN BAWA

ROLL NO-81407317174

TO PUNJAB TECHNICAL UNIVERSITY,

FOR THE AWARD OF

MASTERS OF BUSINESS ADMISTRATION

THROUGH CT INSTITUTE OF MANAGEMENT AND

INFORMATION TECHONOLOGY, JALANDHAR

2008-2010
PREFACE

“Experience is the best teacher”. The saying plays a very pivotal role in our curriculum
where in we try and understand the nuances of the theoretical world with a blend of
practical experience. It’s very important to understand how and where to implement what
we have studied. Knowledge in itself is a continuous process. Getting practiced
knowledge is an important thing for existence for any business concern in the
competition prevailing in an industry a total awareness is the first and foremost thing
necessary from all aspects, working smarter seems to be as important as working harder
and longer.

We completed this project on “EMPLOYEE SATISFACTION” in part fulfillment of

our MBA curriculum. The knowledge we garnered through this exposure with the outside
world will help us in taking a giant leap towards understanding employee’s behavior and
preferences.
ACKNOWLEDGEMENT

Preservation, inspiration and motivation have always played a key role in the success of
any venture. In the present world of cutthroat competition project is likely a bridge
between theoretical and practical working, willingly I have prepared this particular
project.

First of all, I would like to thank the supreme power, the almighty god who is obviously
the one who has always directed me to work on the right path of my life. With this grace
this project could become a reality.

I feel highly delighted with the way my project report on topic “ EMPLOYEE
SATISFACTION ” has been completed.

Any accomplishment requires the effort of many people and this work is not different.
Firstly, I would like to extend my sincere thanks to Ms.Gurjit Walia, Manager- Channel
Marketing, HDFC STANDARD LIFE INSURANCE COMPANY for his kind co-
operation and providing me good environment to work on.

Finally, I would like to thanks all the faculty members, respondent and other
people whom directly or indirectly help me completing the project.
TABLE OF CONTENTS

Chapter no. Particulars Page no.

1 Introduction

2 Objective Of The Project

3 Review Of Literature

4 Research Methodology

5 Analysis and Interpretation

6 Conclusion

7 Limitations

8 Suggestions

9 Bibliography

10 Annexures
CHAPTER 1 INTRODUCTION

1.1 COMPANY PROFILE

1.2 HISTORY

1.3 JOURNEY

1.4 VISION STATEMENT

1.5 MISSIONS AND VALUES

1.6 KEY IMPERATIVES OF COMPANY

COMPANY PROFILE

HDFC Standard life insurance ltd is a joint venture company of HDFC bank and
Standard Life.HDFC STANDARD Life Insurance is a 74:26 joint venture between
HDFC Bank Ltd. and Standard Life. HDFC STANDARD Life Insurance is one of the
fastest growing insurance companies in India and has shown remarkable growth since its
inception in 2000.

HDFC

HDFC is one of the India s leading institutions, offering complete financial solutions that
encompass every sphere of life. From commercial banking to stock broking, to mutual
funds, to life insurance, to investment banking, the group to the financial needs of
individuals and corporate.

The group has a personal worth of Rs.100000 crore and employees in its various
businesses with presence in 216 cities in India and offices in New York, London, Dubai
and Mauritius, it services a customer base over 1400000.

HDFC enjoys leadership position in most of the businesses including stock broking,
investment banking and retail lending. With a brand slogan of “CUSTOMER
SATISFACTION “, HDFC enjoys a particularly strong franchise in the arena of
investment and capital markets. HDFC is also known for the values of trust, integrity and
financial prudence with which entire business and franchise is developed .Not only they
are the one of the most preferred company to do business with, they are also one of the
most preferred employers in the financial services industry.
STANDARD LIFE

Standard Life has used its broad and well-established U.K. base to create a multinational
business and is building businesses in the US and Europe that focus on sectors of the
market with good fundamentals and where its skills can add value. As at 31 December
2005, 72% of funds under management are in the United States; 24% in South Africa and
4% in United Kingdom .On the embedded value bases the geographic split is 66% Africa,
25% the US and 9% rest of world.

HISTORY

HDFC Standard Life Insurance Company Limited

The Partnership :

HDFC Standard Life first came together for a possible joint venture, to enter the Life
Insurance market, in January 1995. It was clear from the outset that both companies
shared similar values and beliefs and a strong relationship quickly formed. In October
1995 the companies signed a 3 year joint venture agreement.

Around this time Standard Life purchased a 5% stake in HDFC, further strengthening the
relationship.

The next three years were filled with uncertainty, due to changes in government and
ongoing delays in getting the IRDA (Insurance Regulatory and Development authority)
Act passed in parliament. Despite this both companies remained firmly committed to the
venture.

In October 1998, the joint venture agreement was renewed and additional resource made
available. Around this time Standard Life purchased 2% of Infrastructure Development
Finance Company Ltd. (IDFC). Standard Life also started to use the services of the
HDFC Treasury department to advise them upon their investments in India.

Towards the end of 1999, the opening of the market looked very promising and both
companies agreed the time was right to move the operation to the next level. Therefore,
in January 2000 an expert team from the UK joined a hand picked team from HDFC to
form the core project team, based in Mumbai.

Around this time Standard Life purchased a further 5% stake in HDFC and a 5% stake in
HDFC Bank.

In a further development Standard Life agreed to participate in the Asset Management

Company promoted by HDFC to enter the mutual fund market. The Mutual Fund was
launched on 20th July 2000.

Incorporation of HDFC Standard Life Insurance Company Limited:

The company was incorporated on 14th August 2000 under the name of HDFC Standard
Life Insurance Company Limited.

Their ambition from the beginning was to be the first private company to re-enter the life
insurance market in India. On the 23rd of October 2000, this ambition was realised when
HDFC Standard Life was the first life company to be granted a certificate of registration.

HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while Standard
Life owns 18.6%. Given Standard Life's existing investment in the HDFC Group, this is
the maximum investment allowed under current regulations.

HDFC and Standard Life have a long and close relationship built upon shared values and
trust. The ambition of HDFC Standard Life is to mirror the success of the parent
companies and be the yardstick by which all other insurance companies in India are
measured.
COMPANY JOURNEY

FIG.-1: SHOWS THE COMPANY JOURNEY FROM 1985-2007

VISION STATEMENT

 The Global Indian Financial services brand: Their customers will enjoy the
benefits of dealing with a global Indian brand that understands their needs and
delivers customized pragmatic solutions across multiple platforms. They will be a
world class Indian financial service group. Their technology and best practices
will be benchmarked along international lines while their understanding of
customers will be uniquely Indian. They will be more than a repository of their
customer’s savings. They, the group, will be a single window to every financial
service in a customer’s universe.

 The most preferred employer in financial services: A culture of empowerment

and a spirit of enterprise attract bright minds with an entrepreneurial streak to join
us and stay with us. Working with a home grown professionally managed
company, which has partnerships with international leaders, gives their people a
perspective that is universal as well as unique.

 The most trusted financial services company: They will create an ethos of trust
across all their constituents. Adhering to high standards of compliance and
corporate governance will be an integral part of building trust.

 Value creation: Value creation rather than size alone will be business driver.
LIFE INSURANCE AND HDFC LIFE

The Insurance market was opened up for private companies in year 2000 and currently
there are 15 Life Insurance companies in India. HDFC Life Insurance in its fifth year of
operations has shown commendable results. In FY 2005-06, HDFC Life Insurance laid
special emphasis on strengthening the Quality of Business and succeeded remarkably in
the achieving its goals. Instead of just top line growth it has concentrated on better quality
business through focusing on long term regular premium business and 90% + persistency.
For the second year in succession, it has met the internal value creation target which
gives the confidence that going forward it will be able to maintain both aggressive top
line growth and reduce losses to achieve break even by 2008-09. The main focus would
be to deliver superior value to the key stakeholders and the employees. They have 650
branch offices in 31 cities in India and they are growing aggressively to increase their
footprints and bring Life Insurance products to their citizens.

From a macro perspective, investment in Life Insurance in developed countries is as

much as 4.85% of GDP whereas in India it only accounts for 275%. Hence for the next
few years due to under insurance and inherent scope present, private life insurance
companies will grow as close to 100% year on year for the next few years until the gap is
bridged. One of The key reason for the under insurance has been a monopolistic industry
prior to 2000 which led to under development of the market. Life Insurance is an integral
part of any Financial Planning activity. Typically one could look at least 5-10% of the
total Income to be invested towards Life Insurance.
MISSION AND VALUES

Their Mission ( as stated in the Company's website ):

To be the top new life insurance company in the market.

This does not just mean being the largest or the most productive company in the market,
rather it is a combination of several things like-

• Customer service of the highest order

• Value for money for customers
• Professionalism in carrying out business
• Innovative products to cater to different needs of different customers
• Use of technology to improve service standards
• Increasing market share

Their Values:

• SECURITY: Providing long term financial security to our policy holders will be
our constant endeavour. We will be do this by offering life insurance and pension
products.
• TRUST: We appreciate the trust placed by our policy holders in us. Hence, we
will aim to manage their investments very carefully and live up to this trust.
• INNOVATION: Recognising the different needs of our customers, we will be
offering a range of innovative products to meet these needs.
BRAND PERSONALITY

 HDFC Brand identity based on consumer perception and group aspiration.

 Knowledgeable of the latest business practices; has incorporated the best but
believes that ultimately successful business decisions are based on instincts rather
than logical processes.

 Values Indian traditional and rituals.

 HDFC is the quintessential Indian entrepreneur in touch with the global world.

 Constantly looking for new opportunities to grow business and make money.

 Believes in ‘no guts, no glory’.

 HDFC is seen as a leader in their field, not only in thoughts but also in their
ability to spot opportunities and build on them.

MAKING OF A BRAND

 Started operation in October 2000.

 Need for private players to establish brands.

 Need to create a brand platform that would be unique, relevant and emotionally
compelling.

 Based their brand positioning on providing financial freedom- “Sar utha kar jeo.”

 Expressed through all customer touch points – Ads/Merchandising/Corporate

Stationery etc.
KEY IMPERATIVES OF COMPANY
To be a top five player in this industry in this, HDFC Life Insurance need to increase
Distribution width and depth trough the country. Insurance is sold primarily through three
sales channels:

 Tied agency network: sales manager recruit and develop life advisers who in
turn prospects for customers and sell insurance. It is a tide agency, as these agents
(life advisers) are their exclusive sales agents .key to success of a tide agency is
that each sales manager has a large number (successful SMs) have a team of 8 to
10 contributing Las) OF LIFE ADVISERS who deliver 3-4 policies month on
month consistently.

 Alternate channel: sales mangers works with channel partners who can use their
channels sales force to sell insurance of their brand. Channel partners in alternate
channel can be either a corporate agency or a broker. A corporate agency will
always be exclusive for their brand and sell for their company. A broker will be a
multiband player and works for the benefit of the customer. Alternate channels
sales manager, apart from managing existing partners, identify new partners, built
relationships and use the channel sales force to increase sales from that channel.

 Group sales: sales mangers sell to corporate /institutions where a group of

homogeneous character can be covered under a single insurance policy. Typically
they work in the area of employee benefit programme .They sell products like
Superannuation, Gratuity, Group Life Covers , EDLI and group credit term covers
.Key difference from the first two channels is that this channel does not insure
individual lives but insures groups of people.
STRENGTHS

Our key strengths

Financial Expertise
As a joint venture of leading financial services groups, HDFC Standard Life has the
financial expertise required to manage your long-term investments safely and efficiently.

Range of Solutions
We have a range of individual and group solutions, which can be easily customised to
specific needs. Our group solutions have been designed to offer you complete flexibility
combined with a low charging structure
CHAPTER 2 OBJECTIVES OF STUDY

2.1INTRODUCTION

2.2OBJECTIVES
INTRODUCTION OF THE STUDY

Satisfaction is an important goal for organizations to reach as it has been shown that
profitability, productivity, employee retention, and customer satisfaction are linked to
employee satisfaction.

JOB SATISFACTION

The term Job satisfaction refers to an individual's general attitude towards his or her job.
A person with a high level of job satisfaction holds positive attitude towards the job,
while a person who is dissatisfied with his or her job holds negative attitude about the
job.

In simple words job satisfaction is:-

Job Satisfaction describes how content an individual is with his or her job. There are a
variety of factors that can influence a person's level of Job satisfaction; some of these
factors are:-

• Include the level of pay and benefits,

 • The perceived fairness of the promotion system within a company,

• The level of pay and benefits,

• Leadership and social relationships,

• The job itself.

Why to study about employee satisfaction?

In my point of view, study of "Employee satisfaction" helps the company to maintain a

standards & increase productivity by motivating the employees. this study tells us how
much the employees are capable & their interest at wok place? what are the things still to
be satisfy to the employees. although "human resource" are the most important resources
for any organization, so to study on employees satisfaction helps to know the working
conditions & what are the things that affects them not to work properly. always majority
of done by the machines/equipments but without any manual moments nothing can be
done. so to study on employee satisfaction is necessary.

THE STATE OF EMPLOYEE SATISFACTION

Although committed and loyal employees are the most influential factor to becoming an
employer of choice, it's no surprise that companies and organizations face significant
challenges in developing energized and engaged workforces. However, there is plenty of
research to show that increased employee commitment and trust in leadership can
positively impact the company's bottom line. In fact, the true potential of an organization
can only be realized when the productivity level of all individuals and teams are fully
aligned, committed and energized to successfully accomplish the goals of the
organization.

As a result, the goal of every company should be to improve the desire of employees to
stay in the relationship they have with the company. When companies understand and
manage employee loyalty - rather than retention specifically - they can reap benefits on
both sides of the balance sheet i.e., revenues and costs.

On the revenue side of the balance sheet, loyal and committed employees are more likely
to go "above and beyond" to meet customer needs and are highly motivated to work to
the best of their ability. Both of these traits are crucial for continued customer
commitment and ongoing revenue and growth for the company.

On the cost side, loyal employees stay longer, resist competitive job offers, do not
actively look for other employment and recommend the company to others as a good
place to work. These four behaviors positively influence the cost side of the balance sheet
because they are leading indicators of employee retention. The longer companies keep
their employees, the longer they can avoid having to pay to replace them.

In other words, rather than focusing only on retention (that is, trying to retain employees
who have already decided to leave), organizations should proactively recognize the
benefits of understanding, managing and improving employee loyalty. The most
successful organizations are those that can adapt their organizational behavior to the
realities of the current work environment where success is dependent upon innovation,
creativity and flexibility. Additionally, the dynamics of the work environment have to
reflect a very diverse population comprised of individuals whose motivations, beliefs and
value structures differ vastly from the past and from each another. Arguably, the most
valuable, but also volatile, corporate asset is a stable workforce of competent, dedicated
employees, since such an employee base gives companies a powerful advantage; depth of
knowledge and organizational strength.
One of the key steps to understanding and improving employee loyalty is by
acknowledging the importance of the following factors in building loyalty and
satisfaction:

• Broadly-defined responsibilities rather than narrowly-defined job functions

• Effective and regular performance evaluations, both formally and informally
• A corporate emphasis on employee learning, development and growth
• Wide-ranging employee participation in the organization as a whole

Typically, a combination of factors influences employees' decisions to stay at their

current job. Contributing factors include satisfying work, a sense of job security, clear
opportunities for advancement, a compelling corporate mission combined with the ability
to contribute to the organization's success, and a feeling that their skills are being
effectively used and challenged. Specifically, employees who enjoy their work, identify
themselves with their employer and perceive that the company is flexible regarding work
and family issues also intend to stay with the organization.

Today, employee loyalty needs to be earned, rather than assumed, and must be specific,
rather than general - employees are looking at their employment as a means of achieving
personal goals rather than simply being the "good corporate soldier" of the past. This
means that companies need to express and act on a commitment to develop employees'
career objectives by introducing initiatives that make employees believe that their current
job is the best path to achieving their career goals.

In particular, consider the following elements of effective strategies designed to build

loyalty and retain key employees:

• Include opportunities for personal growth and invest heavily in the professional
development of the best people in the organization.
• Provide employees with well-defined career paths (including a succession plan),
mentors and tuition reimbursement for job-related education.
 • Train employees, even if it makes them more attractive to the competition.
Without seeing an opportunity on the horizon, few high potential employees will
stay with a company and allow themselves to grow stagnant.
• Acknowledge non-work priorities by recognizing and responding to employees'
needs for greater balance in their lives, since employees will develop loyalty for
organizations that respect them as individuals, not just as workers.

OBJECTIVES OF THE STUDY

1. To check the level of employee satisfaction among job work assignees.

2. To analyze the work related stress.

3. To study the attitude of employees toward their work and job security.

4. To find motivational factors of employees.

5. To find out how much employees are participation in dicision-making.

6. To find out how much employees are satisfied with their salary level.
Another approach to the issue of loyalty is to consider the value of the five "I's":

Interesting work. No one wants to do the same boring job over and over, day after day.
Although any job will require some repetitive tasks, all jobs should include at least some
parts that are of high interest to employees.

Information. Information is power and employees want to have the information they
need to know to do their jobs better and more effectively. And, more than ever,
employees want to know how they are doing in their jobs and how the company is
performing overall. It is vitally important to open the channels of communication in an
organization to allow employees to be informed, ask questions, and share information and
to inspire them to share the vision of the company.

Involvement. Managers today are faced with an incredible number of opportunities and
problems and, as the speed of business continues to increase, the amount of time that they
have to make decisions continues to decrease. Involving employees in decision-making,
especially when the decisions affect them directly, is both respectful and practical. Not
only do those closest to the problem typically have the best insight as to what to do,
involving them in decision-making will increase their commitment and improve the
success of implementing new ideas or change. Similarly, management needs to follow
through on promises and live the values they preach.

Independence. Few employees want their every action to be closely monitored. Most
employees appreciate having the flexibility to do their jobs as they see fit. Giving
employees latitude increases the chance that they will perform as desired, as well as
bringing additional initiative, ideas, and energy to their jobs. Employees also need to be
encouraged to achieve their best potential.

THEORIES OF EMPLOYEE SATISFACTION ARE:

1) NEED FULFILLMENT THEORY:

According to this theory a person is satisfied when he gets training from his Job what
he wants. The more he wants something or the more important it is to him, the more
satisfied he is when he received it. In other words, “Job Satisfaction will vary directly
with the extend to which those needs of an individual which can be satisfied are actually
satisfied. Vroom views satisfaction in terms of the positively valued outcomes that a job
provides to a person. Thus, job satisfaction is positively related to the degree to which
one’s needs are fulfilled. The fulfillment theory suffers from a major drawback.
Satisfaction is a function of not only what a person receives but what he feels he should
receive.

2) EQUITY THEORY:

Under this theory, it is believed that a person’s job satisfaction depends upon his
perceived equity as determined by his input- output balance in comparison with the input-
output balance of others. Every individual compares his rewards with those of a
‘reference group’. If he feels his rewards are equitable in comparison with others doing
similar work, he feels satisfied. Job Satisfaction is thus a function of the degree to which
job characteristics meet the desires of the reference group. For example, one study of the
effects of community features on job satisfaction revealed that workers living in a well to
a neighbourhood felt less satisfied than those living in poor neighbourhood.

3) TWO FACTOR THEORY:

Frederick Herzberg and his colleagues developed the Two factor theory satisfaction.
According to this theory satisfaction and dissatisfaction are interdependent of each other
and exist on a separate continuum. One set of factors known as hygiene factors
(Company policy, administration, supervision, pay, working conditions and interpersonal
relations) act as dissatisfiers. Their absence cause dissatisfaction but their present does
not result in positive satisfaction. The other set of factors known as satisfiers
(achievements, advancement, recognition, work itself and responsibility) lead to
satisfaction.

Several studies designed to test the two factor theory provide little support to this
theory. The same factor may serve as a satisfier for one but a dissatisfier for another. It
appears from this theory that a person can be satisfied and dissatisfied at the same time.

4) DISCREPANCY THEORY:

According to this theory job satisfaction depends upon what a person actually receives
from his job and what he expects to receive. When the reward actually received are less
than the expected rewards it causes dissatisfaction. In the words of Locke, “Job
Satisfaction and dissatisfaction are function of perceived relationship between what one
wants from one’s job and what one perceive it is actually offering. In other words,
satisfaction is the difference between what one actually received and what he feels he
should receive. This theory fails to reveal whether over-satisfaction is or is not a
dimension of dissatisfaction and if so , how does it dissatisfaction arising out of the
situation when received outcomes are less than the outcomes one feels he should
receive.

5) EQUITY DISCREPANCY THEORY:

This is a combination of equity and discrepancy theories. Lawlers hs adopted the

difference approach of discrepancy theory rather than the ratio approach of equity theory.
From equity theory the concept of comparision has been selected to serve as an
intervening variable. Under this theory satisfaction is defined as the difference between
the outcomes that one perceives he actually received and outcomes that one feels he
should receives in comparision with others. when the individual feels that what he
actually received is equal what he perceives he should receive there is satisfaction. Thus
an individual’s reception of his reward is influenced by more than just the objective
amount of that factor. Because of this psychological influence the same amount of reward
aften can be seen quite differently by two people, to one it can be a large amount , while
to another person it can be a small amount.

6) SOCIAL REFERENCE GROUP THEORY:

Reference group defines the way an individual looks at the world. According to this
theory job satisfaction occurs when the job meet the interest , desires and requirements of
a person’s reference group. In other words, job satisfaction is a function of the degree to
which the job meets the approval of the group to which the individual looks for guidance
in evaluating the world and defining social reality.
The social reference group theory is similar to the need fulfillment theory except than it
takes into account not the desires, needs and interests of the given individual but rather
the point of view and the opinion of the groups to whom the individual looks for
guidance.

CHAPTER 3

REVIEW OF LITERATURE
GENERAL MOTORS
OBJECTIVES

A company can invest millions in technology and facilities, but it is of little value if
employees are unsatisfied. Engaged, enthusiastic, motivated employees are essential for
business success.

GM's Employee Enthusiasm Strategy focuses on engaging employees with positive

leadership behavior and effective management. GM wants to be a desirable place to
work, an employer of choice worldwide and a place people enjoy coming to every day.
GM's policy is to emphasize personal safety, economic stability and employee
development.

GM is committed to developing and deploying employee skills, talent and potential

effectively to achieve its business goals. See employee training.

GM's approach is to instill a performance culture across the business that inspires
employees to do their best, empowers them to make decisions, rewards accomplishment,
embraces challenges and embodies high expectations. By providing employee
professional development opportunities in the context of this performance culture, GM's
aim is to increase levels of job satisfaction – as measured in staff surveys – while
delivering improved business results.

Sectorial Comparison of Factors Influencing Job Satisfaction

in Indian Banking Sector

It has been observed that degree of job satisfaction of private sector banks was found to
be significantly lower than in public sector banks. At least two reasons were found to be
responsible for the low job satisfaction level of employees of private sector banks. When
data were analysed, surprising results were found. In the study, job satisfaction was
measured by a tool developed by Sinha (1990). Job satisfaction was measured on the
basis of five variables. These are (i) pay, (ii) work condition (for example, safety, heat,
noise, and dust), (iii) service conditions (for example, security, promotion, and welfare),
(iv) relation with superiors, peers, and workers, and (v) company as a whole. Among four
variables, the degree of difference is not noticeable. But low scores of the third variable,
service conditions, were found to be responsible for overall low degree job satisfaction in
private sector banks.

Employees of private sector banks perceive that their jobs are not secure. In fact, the
effect of an open economy, globalisation, and privatisation can be seen more easily in
private sector banks than in public sector banks. In private sector banks, the environment
in highly competitive and job security is based on performance and various other factors.
Though it is true that this environment provides a challenging job profile, it also creates a
less secure environment. Industriousness, dedication, devotion, and commitment are not
enough to secure a job. The high level of performance of an individual is also based on
various factors. These may be market situation, existence of competitor, and government
policies. Where these factors are adverse in nature, performance automatically suffers.
During this period, employees feel insecure, which reduces overall job satisfaction.

In public sector banks, welfare policies are clearly defined and legally enforced.
Retirement, pensions, gratuity, and other related welfare policies are effectively executed.
So there is no problem with social security. In private sector banks, welfare activities are
neither well planned nor well executed. Employee turnover is very high and job security
is very low. Most employees are from middle class Indian families. These employees
have seen the golden period of public sectors and government jobs during their growing
stages. So the effect of welfare schemes of government jobs and public sectors cannot be
easily eradicated from their psyche. Private sector employees are ready to work hard but
they demand pensions, security, and sometimes an easy lifestyle.

These findings in the banking sectors could be extended to explain the job situation in
other service sectors. In terms of security, promotion, and welfare policy, there is a clear
difference between public and private sector employees. It was stated earlier that when
we compare the job satisfaction of employees in public and private sector banks or in
other service sectors, the public and private sectors become the main factor of
comparison. In India, the public or private sector factors neutralise all other factors of
comparison. For example, in India, a public sector insurance company like LIC will
always be preferred by a new entrant, if he has a choice.
INCREASE EMPLOYEE SATISFACTION AND
PRODUCTIVITY

By providing amenities that make your building a healthier and more comfortable place
to work, you can reduce employee absenteeism and turnover while increasing
productivity. Even small workplace improvements, such as installing individual
temperature and ventilation controls, improving the flow of natural light and providing
access to a roof garden, can have a big impact on your company's bottom line.

The EPA estimates that building-related illnesses account for $60 billion in annual
productivity lost nationwide. And according to a University of Wisconsin study, tangible
costs of hiring and retaining a new employee typically range between $10,000 and
$50,000 -- plus less quantifiable, but no less real, productivity costs as employees adapt
to the new work environment and cultivate relationships with clients, coworkers,
contractors, etc. With less absenteeism and greater employee retention, your investments
in green building features will quickly pay for themselves.

• In a 2004 survey of 719 building owners, developers, architects, engineers and

consultants, Turner Construction found that 91 percent of executives involved
with green buildings believed that the health and well-being of their building
occupants was greater.
 • By installing skylights, fluorescent light fixtures and additional insulation to
improve lighting and temperature control, Verifone's credit card verification
facility in Costa Mesa, California, decreased its energy consumption 59 percent,
reduced employee absenteeism by 47 percent and boosted productivity by 5
percent to 7 percent.

• At the headquarters of the West Bend Mutual Insurance Company in West Bend,
Wisconsin, green features including individual workstation controls for
temperature, airflow, lighting and noise contributed to a 15 percent increase in
claims processing per employee.

CHAPTER 4 RESEARCH METHODOLOGY

4.1 MEANING OF RESEARCH

4.2 DEFINITION OF RESEARCH METHODOLOGY
4.3 RESEARCH DESIGN
4.4 DATA COLLECTION
4.5 SAMLE DESIGN
WHAT IS RESEARCH ?

Research is a systematic and continues method of defining a problem, collecting the

facts and analyzing them, reaching conclusion forming generalizations.

The systematic and objective identification, collection, analysis, dissemination, and use
of information for the purpose of assisting management in decision making related to the
identification related to solution to problems and opportunities .

Marketing Research is the function that links the customer, concumer, and public to the
marketer through information- information used to identify and define marketing
opportunities and problems; generate, refine, and evaluate marketing actions; monitor
marketing performance; and improve understanding of marketing as a process.

The study of research methods provides manager knowledge and skill needed to solve the
problems and meet the challenges of a fast-paced decision-making environment. Three
factors that stimulate an interest of managers in research study are
  The manager’s increased need for more and better information.

 The availability of increased techniques and tools to meet this need.

 The result information overload if discipline is not employed in the process.

RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the problem. It may be

understood has a science of studying how research is done scientifically. In it we study
the various steps that all generally adopted by a researcher in studying his research
problem along with the logic behind them.

The scope of research methodology is wider than that of research method. Thus when we
talk of research methodology we not only talk of research methods but also consider the
logic behind the method we use in the context of our research study and explain why we
are using a particular method.

So we should consider the following steps in research methodology:

 Problem statement
 Objective of study
 Research design
  Data collection
 Sample design
 Statistical tool
 Limitation of study

RESEARCH DESIGN
A framework or blueprint for conducting the research project. It specifies the details of
the procedures necessary for obtaining the information needed to structure and/or solve
research problems. A good research design lays the foundation for conducting the project.
A good research design will ensure that the research project is conducted effectively and
efficiently. Typically, a research design involves the following components, or tasks:

 Define the information needed.

 Design the research.

 Specify the measurement and scaling procedures.

 Construct and present a questionnaire or an appropriate form for data collection.

 Specify the sampling process and sampling size.

 Develop a plan of data analysis.

DATA COLLECTION
 The task of data collection is begins after a research problem has been defined and
research designed/ plan chalked out. Data collection is to gather the data from the
population. The data can be collected of two types:

 Primary Data
 Secondary Data

Primary Data

The Primary Data are those, which are collected afresh and for the first time, and thus
happened to be original in character.

 Observation.
 Personal Interviews.
 Telephonic interviews.
 Questionnaires.
 Schedules.

Secondary Data
The Secondary Data are those which have already been collected by someone else and
which have already been passed through the statistical tool. Methods of collection of
Secondary data

 Newspapers.
 Magazines
 Journals
 Internet
 Libraries
 Old records.
In this project I am using both the method of data collection

SAMPLE DESIGN

A sample design is a definite plan for obtaining a sample from a given population. It
refers to the technique or the procedure and the researcher would adopt in selecting items
of sample. Sample design may as well lay down the number of items to be included in the
sample i.e. the size of the sample. Sample design is determined before data are collected.
Before going trough sampling design, let us learn some terms.

Population: The aggregate of all the elements, sharing some common set of
characteristics, that comprises the universe for the purpose of the research problem.
In this project all the employees of HDFC Standard Life Insurance of Chandigarh
branch , sector 9 is the population

Sample: A subgroup of the elements of the population selected for participation in the
study.

In this project sample size is 40 employees

Sampling Unit: The basic unit containing the elements of the population to be sampled.

In this project sampling unit is employees

Sampling Technique used in survey---

Nonprobability Sampling Techniques.

• Convenience Sampling.

Nonprobability sampling techniques do not use chance selection procedures. Rather, they
rely on the personal judgment of the researcher where as probability sampling procedure
each element of the population has fixed probabilistic chance of being selected for the
sample.
In our survey, we have used nonprobabilty sampling technique because there is no way of
determining the probability of selecting any particular element for inclusion for the
sample, the estimates obtained are not statistically projectable to the population. We have
selected the sample with help of Sales Manager and their Life Advisors.

Among nonprabability sampling techniques, the sampling technique applied here is

convenience sampling. Convenience Sampling attempts to obtain a sample of convenient
elements. The selection units is left primarily to the inerviewer. Convenience Sampling is
the least expensive and least time consuming of all sampling techniques. The sampling
units are accessible, easy to maesure, and cooperative. In spite of these advantages, his
form of sampling has seroius limitations. Many potential sources of selection bias are
present, including respondent self-selection. Convenience Samples aer not representative
of any definable population.

QUESTIONNAIRE DESIGN

A Questionnaire, whether it is called a schedule, interview form, or measuring

instrument, is a structured technique for data collection that consists of series of question,
written or verbal, that a respondent answers.

Objective Of A Questionnaire

 It must translates the information needed into a set of specific questions that the
respondents can and will answer.

 A questionnaire must uplift, motivate, and encourage the respondent to become

involved in the interview, to cooperate, and to complete the interview.
 A questionnaire should minimize response error.

CHAPTER 5

ANALYSIS AND INTERPRETATION

ANALYSIS

The analysis of this project begins with analysis of each question.

ANALYSIS AND INTERPRETATION

Managers need information, not raw data. Research helps in generating information by
analyzing data after its collection .data analysis usually involves reducing accumulated
data to a manageable size, developing summaries, looking for patterns and applying
statististical techniques. Scaled responses on questionnaires and experimental instruments
often require the analyst to derive various functions, as well as to explore relationships
among variables.

In various cases when we deal with statistics we find that the variables are related to each
other or we can also say two variables seem to move in the same direction such as both
are increasing or decreasing or even some factors tend to move in the opposite direction
also means one is increasing and the other is decreasing. Analysis has been done by
applying various statistical tools to study the basic factors that lead to Job satisfaction
among Job Work Assignees. Various important factors identified during the study are:-

• Job security

• Motivation " Attitude

• Stress

One of the tools used for the analysis is correlation among various factors using Karl
Pearson's method through Bivariate table in the software SPSS.

Respondent by Gender

Male 29
Female 11
Total 40
TABLE 1- SHOWS RESPONDENTS BY GENDER
 F e m a le
28%

M a le
72%

FIG-1 SHOWS RESPONDENTS BY GENDER

Here we can see maximum number of respondent is male that is 72% and female are
only 28%.

This helps us to know that mostly male employees are working in HDFC Standard life

Departments of Respondent

Departments No. of employees

Marketing 22
Human resource 8
Finance 5
operation 5

TABLE 2-SHOWS DEPARTEMENTS OF RESPONDENTS

 No. of employees

25

20

15

No. of employees

10

0
Marketing Human Finance operation
resource

FIG-2 SHOWS DEPARTEMENTS OF RESPONDENTS

Here we can see maximum number of respondent are for marketing department that are
22 out of 40 respondent

Work Experience of Respondent

S.no Experience in years No. of Respondents

1 less then 1 year 15
2 more then 1 year 10
3 less then 2 year 8
4 more then 2 year 7

TABLE 3-SHOWS WORK EXPERINCE OF RESPONDENT

 No. of Respondents

16

14

12

10

0
less then 1 more then 1 less then 2 more then 2
year year year year

1 2 3 4

FIG-3 SHOWS WORK EXPERINCE OF RESPONDENT

Here we can see that employees are not experienced.15 employees are having the
experience of less than 1 year and 13 of less then 2 year.

Satisfaction level with the job

S. NO. Satisfaction Level No. of
Respondents

1 Like very much 25

2 Like some what 10
3 Neutral 4
4 Dislike some what 1
N
5 Dislike very much il

TABLE 4 SHOWS SATISFACTION LEVEL WITH THE JOB

Employee satisfaction
 30

25

20

15 Series2

10

0
1 2 3 4 5

FIG-4 SHOWS SATISFACTION LEVEL WITH THE JOB

The data in the above table reveals that majority of respondents (25) were highly
satisfied wih their job and 10 of respondents are satisfied with their job.

This show that employees are satisfied with their job.

Satisfy with the behavior of management and other employees

Satisfaction No. of
S.no Level Respondents
Highly
1 Satisfied 22
2 Satisfied 10
3 Moderate 5
4 Unsatisfied 2
Highly
5 Unsatisfied 1

TABLE 5 Shows Satisfaction level with the behavior of management and other
employees
 No. of Respondents

25

20

15

10

0
Highly Satisfied Satisfied Moderate Unsatisfied Highly
Unsatisfied

No. of Respondents

Fig 5 -Shows Satisfaction level with the behavior of management and other employees

The data in the above table reveals that majority of respondents (22) were highly
satisfied wih the behaviour of other employees and 10 of respondents are satisfied
and 5 are moderate.

Career and growth opportunities

S.no Preferences No. of Respondents

1 Yes 36

2 No 4

Table6 –Shows Career and growth opportunities for emloyees.

 No. of Res pondents

No
10%

Y es
90%

Fig-6 Shows Career and growth opportunities for emloyees.

Here we can see maximum number of respondent are think that there career and growth
opportunities offered by the job is that is 90% .

This shows that in HDFC Standard life career and growth opportunities offered by the
job.

Participation in Decision making

S.no Participation No. of Respondents

1 20%-30% 12
2 30%-40% 10
3 40%-50% 8
4 50%-60% 4
 5 Above 60% 6
Table 7-Shows Participation of emloyees in Decision making

No. of Respondents

Above 60% 6
5

50%-60% 4
4

40%-50% 8 No. of Respondents

3

30%-40% 10
2

20%-30% 12
1

Fig-7 Shows Participation of emloyees in Decision making

Here we can see less number of respondent are participating in the Decision making

That is only 6 respondent are participating in the above60% decisions and 12 are
participating in 20%-30%.

Satisfaction Level of Employees

S.NO. Satisfaction Level No. of Respondents

1. Highly Satisfied 9

2. Satisfied 15

3. Moderate 5

4. Unsatisfied 10

5. Highly Unsatisfied 1

Table8-Shows Satisfaction Level of Employees with the salary

 No. of Respondents

16

14

12

10

8 No. of Respondents

0
Highly Satisfied Moderate Unsatisfied Highly
Satisfied Unsatisfied

FIG8- Shows Satisfaction Level of Employees with the salary

The data in the above table tells us that majority of respondents (15) are satisfied with the
level of salary which they are getting and only (9) of respondents are highly satisfied with
this statement and (10) respondent are not satisfied with the salary which they are getting.

Management is flexible and understands the importance of balancing

my work and personal life.

S. NO. Satisfaction Level No. of Respondents

1 Strongly agree 18
2 Agree 10
3 Undecided 8
4 Disagree 2
5 Strongly disagree
 2
TABLE 9-Shows Management is flexible and understands the importance of balancing
my work and personal life.

No. of Respondents

20

18

16

14
12

10 No. of Respondents
8

6
4

2
0
Strongly Agree Undecided Disagree Strongly
agree disagree

FIG-9 Shows Management is flexible and understands the importance of balancing my

work and personal life.

The data in the above table tells us that majority of respondents (18) are satified with the
management flexible and understands the importance of balancing my work and personal
life.

Agree with the company bonus plans

S.no Satisfaction Level No. of Respondents

1 Strongly agree 8
2 Agree 12
3 Undecided 11
4 Disagree 6
5 Strongly disagree 3
TABLE-10 Shows how many employees agree with the company bonus plans

No. of Respondents

14

12

10

8
No. of Respondents
6

0
Strongly Agree Undecided Disagree Strongly
agree disagree

Fig-10 Shows how many employees agree with the company bonus plans

The data in the above table tells us that majority of respondents (12) are argee with the
bones plan which they are getting and (8) of respondents are strongly agree with this
statement and (11) respondent are undicided and (6) are disagree.

Is any change is require to improve the working condition

S.no Preferences No. of Respondents

1 Yes 32

2 No 8

TABLE-11 Shows how many employees feel to have improvement in working conditions
 No. of Respondents

No
8

Yes
32

0 5 10 15 20 25 30 35

No. of Respondents

Fig-11 Shows how many employees agree with the company pay scale and bonus plans

Here we can see maximum number of respondent are think that change is require to
improve the working condition of the compony opportunities is that is 80% .

CHAPTER 6
 CONCLUSIONS

CONCLUSION

An extensive review of the topic "Study of the level of job satisfaction among job work
assignees" it was found that the most important factors conducive to job satisfaction are
the motivational factors: -

" Rewards or Payment,

• Supportive working environment and

• The work itself.

• Working hours.

• Clean and hygienic working place.

It was also found that the primary source of job satisfaction among Job Work assignees
was the sense of achievement experienced by them while on the job.

However, in the same study feelings of dissatisfaction were found to be stemming from
the work itself. The same and the work that was repetitive in nature and not apt according
to the qualification of some of the employees were seen also some of the major factors
leading to dissatisfaction were:-

" Low payment

• Job tenure (3 months) leading to job insecurity among the Job Work

Assignees

mind the various factors leading to the job satisfaction and by enhancing the profile of
job.

Employees tend to prefer jobs that give them opportunities to use their skills and
abilities and offers freedom and feedback. They want pay system and promotion policies
that they perceive as being just and ambiguous and in line with their expectations. When
pay is seen as fair that is based on job and individual skills, satisfaction is likely to result.

Employees are also concerned with their work environment for both personal
as well as professional life.

So finally it is concluded that the level of job satisfaction is there but need to be increased
and maintained.
CHAPTER 7
 LIMITATIONS

Limitation

There are various limitation faced during the study as the study bis related to the human psychology

and behaviour basically. Some of the problems faceddurig the study are:-
• while collecting the data it was noticed that most of the respondent were getting struck at

statement, they were actually related to make out whether the statement is related to their job or

routine life .

• Another major obstruction found the study was respondents were quite reluctant in giving their

original details.

• Even it is not noticed thatsome of the data entry operations wrer not even ready to fill in the

questionnaires, so their responses were most of the time neutral.

CHAPTER 8
 SUGGESTIONS

Suggestions

• To increase satisfaction and retention of employees.

• It will help in reducing the factors leading to absenteeism and staff turnover.

• It will help in generating factors which can defuse tension and improve working condition

Which will ultimately lead to job satisfaction.

• The method of recruitment should be improved.

• Select the right person for the right job.

• Promotion policy should be improved

• Management should check the performance of their employees time to time.

• Overall work environment should also be improved.

CHAPTER 9
 BIBLIOGRAPHY

REFERENCES

BOOK S
Rbbins Stephen P , Organizational behaviour .

Beri. G C, Statistics for management, Tata McGraw Hill

Cooper donal R, Schindler Pamela S, Business Research Method.

Kothari C R, Research Methodology

INTERNET LINKS

• http://findarticles.com/p/articles/mi_qa5321/is_200407/ai_n21351846/pg_5

• http://humanresources.about.com/od/glossarye/a/employee_inv.htm

• http://job satisfaction\job satisfaction3.htm

• http:// satisfaction\job satisfaction\herzberg – motivation-hygiene theory.htm

• http://www.nrdc.org/buildinggreen/bizcase/own_productivity.asp

• http://www.nhpcindia.com/English/Scripts/Aboutus_Objectives.aspx
• http://wiki.answers.com/Q/Why_to_study_about_employee_satisfaction

• http://wiki.answers.com/Q/What_is_the_importance_of_employee_satisfaction_in
_an_organisation

CHAPTER 10
 ANNEXURES

QUESTIONNAIRE

SURVEY ON EMPLOYEE’S SATISFACTION OF HDFC STANDARD LIFE

INSURANCE COMPANY

Questions:
Q.1 What is your gender.
l Male ● Female

Q.2 What department do you work in?

● ……………………..

Q.3 How long have you worked for this company?

●……………………..

Q.4 How do you like this job?

Like very Like some Neutral Dislike some Dislike very

Much what what Much

Q.5 I am treated with respect by management and the people I work with.
● Strongly Disagree

● Disagree

● Undecided

● Agree
● Strongly Agree

Q.6 Is there any career enhancement opportunities and growth in this job ?

● Yes ● No

Q.7 How much do you participate in decision making ?

o20%-30% o 30%-40% o 40%-50%

o 50%-60% o above 60%
Q.8 Are you satisfied with you salary level?

Highly Unsatisfied Moderate Satisfied Highly

Unsatisfied Satisfied

Q.9 Management is flexible and understands the importance of balancing my work and
personal life.
● Strongly Disagree
● Disagree
● Undecided
● Agree
● Strongly Agree

Q.10 Are you agree with the company pay scale and bonus plans ?

Strongly Agree Undecided Disagree Strongly

Agree Disagree

Q.11 Do you feel there is change require in your department

to improve working conditions?
● YES ● NO

Q.12 Rank the following motivational factor according to you :-

FACTOR RANK(1 to 4 )1 is highest

● Promotion …… ● Reward and

Recognition ……
● Achievemant …… ● Higher
authority and responsibility ……

PERSONAL DETAIL :

NAME :- ………………………….

MOBILE NO:- ………………………….

ADDRESS OF COMMUNICATION:- ……………………………

………………………….